RESERVE BANK OF INDIA
(Foreign Exchange Department)
CENTRAL OFFICE
NOTIFICATION No. FEMA. 383/2017-RB
Mumbai, the 10th January, 2017
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2017
G.S.R. 17(E). – In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB dated 3rd May 2000) (hereinafter referred to as ‘the Principal Regulations’), namely:-
1. Short Title & Commencement
(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2017.
(ii) They shall come into force from the date of their publication in the Official Gazette.
2. Amendment to Schedule 1
In Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, (Notification No. FEMA 20/2000-RB dated 3rd May 2000), in Schedule 1, in Annex B.
A. The existing Paragraph F.4 shall be substituted by the following namely:-
| “F.4 | Infrastructure Company in the Securities Market | ||
| F.4.1 | Infrastructure companies in Securities Markets, namely, stock exchanges, commodity derivative exchanges, depositories and clearing corporations, in compliance with SEBI Regulations. | 49% | Automatic |
| F.4.2 | Other Conditions: | ||
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(i) Foreign investment, including investment by FPIs, will be subject to the Guidelines/ Regulations issued by the Central Government, SEBI and the Reserve Bank from time to time. (ii) Words and expressions used herein and not defined in these regulations but defined in the Companies Act, 2013 (18 of 2013) or the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Securities and Exchange Board of India Act, 1992 (15 of 1992) or the Depositories Act, 1996 (22 of 1996) or in the concerned Regulations issued by SEBI shall have the same meanings respectively assigned to them in those Acts/ Regulations. |
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B. The existing Paragraph F.6 shall be deleted.
C. The existing Paragraphs F.7, F.8, F.9 and F.10 shall be re-numbered as F.6, F.7, F.8 and F.9 respectively.
[F. No. 1/20/EM/2016]
(Shekhar Bhatnagar)
Chief General Manager-in-charge
